EFTA00617460.pdf

MUCHNICK, GOLIEB & GOLIEB, MEMORANDUM TO: Steve Hanson FROM: Howard W. Muchnick SUBJECT: Life Hotel: Monies Needed DATE: July 7, 2017 Monies Available (All amounts in millions) New Loan Amount $40 Existing Loan 36 New Money $4.0 Application of New Money: Fund interest and Operating Reserve (2) Held back until EBITA of 3.8 million is attained Balance: Available to Life Hotel; None will be used for loan repayment 1 Remaining cash from existing loan .2 Additional monies that David believes the bank will make available due to the additional rooms Projected Cash Availability 1.7 Cash Needs Required to complete construction 2.2 Less reduction in contingency amount and deferred (.2) payment Mortgage recording tax .1 Fees: Miscellaneous .2 Construction 2.3 Accounts payable' .45 Restaurant needs2 .9 Less: .2 from each of David and you f,4j .5 3.25 3.25 Cash Needs 1.55 HWM HWM/el PACLIENTS100000394NIEMOU0IAmonicsneedcd.0707.docx David believes the amount is $300,000 and that he can have the amount of $50,000 paid monthly from the operating reserve. David believes its $.661 EFTA00617460